ANZ is investing in a new security capability designed to detect mule accounts being used to receive funds from scam victims and other criminal activities.
An extension of the bank's behavioral biometrics technology, the new tool uses AI and machine learning to sniff out potential money mules and suspect accounts.
Following a successful pilot in April 2023, which identified nearly 1,400 high risk accounts, the mule detection technology will be implemented across ANZ’s security systems by September 2023. It will be supported by a new and dedicated mule detection team who will work alongside ANZ’s 440 customer protection specialists.
ANZ head of customer protection Shaq Johnson says: “Stopping mule accounts is a critical component of scam prevention and disrupting sophisticated criminal enterprises.
“In identifying and blocking mule accounts, we effectively starve criminals of the resources they need to carry out the activity. By disrupting the infrastructure that supports scams, it becomes more difficult for these online criminals to operate and impact innocent individuals.”